MGMT 2150 - INTRODUCTION TO CANADIAN
MANAGEMENT
The four benefits for studying business are: - Answers - More fulfilling careers, improved
management skills, greater consumer insights, stronger communities.
Business - Answers - An organization that seeks profits by offering products (goods and
services) to satisfy society's needs.
Good - Answers - A physical, tangible product that we can see and touch.
Service - Answers - An intangible product that we can experience or use.
The benefits of businesses to society are: - Answers - Offering valuable goods and
services, providing employment, improving the quality of life.
Five factors that affect the business environment are: - Answers - Economic,
competitive, global, technological and social.
Economy - Answers - The way in which people deal with creation and distribution of
wealth.
Capitalism - Answers - An economic system in which individuals own and operate the
majority of businesses that provide goods and services.
Free-Market Economy - Answers - An economic system in which decisions on the three
key economic questions are based on voluntary exchange in markets
Mixed Economy - Answers - an economic system where most land and business are
privately owned but with various levels of government involvement
Command Economy - Answers - an economic system in which the government decides
what goods and services will be produced, how they will be produced, for whom
available goods and services will be produced and who owns and controls the factors of
production.
Socialism - Answers - An economic system in which the key industries are owned and
controlled by the government.
Communism - Answers - An economic system where all property and profits are owned
by the government, which then decides what goods and services will be produced.
MANAGEMENT
The four benefits for studying business are: - Answers - More fulfilling careers, improved
management skills, greater consumer insights, stronger communities.
Business - Answers - An organization that seeks profits by offering products (goods and
services) to satisfy society's needs.
Good - Answers - A physical, tangible product that we can see and touch.
Service - Answers - An intangible product that we can experience or use.
The benefits of businesses to society are: - Answers - Offering valuable goods and
services, providing employment, improving the quality of life.
Five factors that affect the business environment are: - Answers - Economic,
competitive, global, technological and social.
Economy - Answers - The way in which people deal with creation and distribution of
wealth.
Capitalism - Answers - An economic system in which individuals own and operate the
majority of businesses that provide goods and services.
Free-Market Economy - Answers - An economic system in which decisions on the three
key economic questions are based on voluntary exchange in markets
Mixed Economy - Answers - an economic system where most land and business are
privately owned but with various levels of government involvement
Command Economy - Answers - an economic system in which the government decides
what goods and services will be produced, how they will be produced, for whom
available goods and services will be produced and who owns and controls the factors of
production.
Socialism - Answers - An economic system in which the key industries are owned and
controlled by the government.
Communism - Answers - An economic system where all property and profits are owned
by the government, which then decides what goods and services will be produced.
